TORONTO, June 13, 2013 (GLOBE NEWSWIRE) -- Carlisle Goldfields Limited ("Carlisle" or the "Company") (TSX:CGJ) is pleased to announce that it has successfully reached an agreement to option the Johnson & Johnson Property (the "J&J Property") near Lynn Lake, Manitoba. The J&J Property, located along the Johnson Shear due west of Carlisle's Linkwood Project, completes Carlisle's Dunvegan Zone land package.
Carlisle's President and CEO, Bruce Reid commented that: "We are pleased to add the Johnson & Johnson Property to our exploration portfolio. It is the last piece of the puzzle to completing the Dunvegan Zone. This property is an area of significant and strategic interest to Carlisle as it is located in the heart of the Johnson Shear where the Company has already had great success with the Burnt Timber and Linkwood Projects. We look forward to unlocking the potential value we believe this property holds."
Under the terms of the option agreement, Carlisle has agreed to incur an aggregate of $2,000,000 of exploration expenditures on or before June 1, 2016, make three annual cash payments of $100,000 upon signing and $100,000 on or before June 1, 2014 and June 1, 2015 and a final cash payment of $2,000,000 on or before June 1, 2016. The vendor has reserved a net smelter return royalty of 2.5% of which one half may be purchased for $1,250,000 to reduce the royalty to 1.25%.
The J&J Property is located approximately 10 km south of Lynn Lake, Manitoba and 4 km west of Carlisle's Burnt Timber and Linkwood Projects along strike on the Johnson Shear. Historical geophysics and drilling on the J&J Property identified three areas of mineralization called the Foster Chopper Veins, the Austin Vein and the Johnson Vein.
The J&J Property was previously drilled during the 1980s. Historical drill data on the Foster Chopper Veins includes Hole F87-7 which intersected 0.082 ounces of gold per ton ("opt Au") and 0.10 oz of silver per ton ("opt Ag") over 19.5 feet [2.8 grams of gold per tonne ("g/t Au") and 3.4 grams of silver per ton ("g/t Ag") over 5.9 metres ("m")]. Hole F88-7 intersected 0.049 opt Au and 0.05 opt Ag over 20.5 feet [1.7 g/t Au and 1.7 g/t Ag over 6.3 m] and 0.058 opt Au as well as 0.03 opt Ag over 23.0 feet [2.0 g/t Au and 1.0 g/t Ag over 7.0 m].
Carlisle plans to begin IP geophysics on the J&J Property later in 2013.
All technical information contained in this news release has been reviewed and approved by Peter Karelse, P.Geo. a Qualified Person as defined under NI 43-101.
About Carlisle: Carlisle Goldfields Limited is a Canadian‐based gold exploration and development company focused on development of its Lynn Lake Gold Camp in the Lynn Lake Greenstone Belt of Northern Manitoba, covering approximately 20,000 hectares, which includes the former MacLellan Gold mine and two other former producing gold mines as well as numerous other historically identified gold zones, all within close distance of the town of Lynn Lake.
The Lynn Lake Gold Camp has five NI 43-101 compliant resource estimates containing 2.75 M oz of Gold in the Measured and Indicated Categories and 2.28 M oz of Gold in the Inferred Category.
|Project|| Resource |
| MacLellan |
| Burnt |
|Linkwood|| Last |
| Farley |
| Combined |
| Measured/ |
| Contained |
Further details including technical reports are available on SEDAR (www.sedar.com).
To view an image of the Carlisle Goldfields Property Location Map, please visit: http://orders.newsfilecorp.com/files/744/5664_carlis2.jpg
This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The Company's shares and other securities have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent an applicable exemption from the registration requirements.
Except for statements of historical fact contained herein, the information in this press release may constitute "forward-looking information" within the meaning of Canadian securities law. Other than statements of historical fact, all statements are "forward-Looking Statements", including the establishment and estimate of resources, that involve various known and unknown risks and uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "forward-looking statements". Except as otherwise required by applicable securities statutes or regulation, Carlisle expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Neither IIROC nor the TSX accepts responsibility for the adequacy or accuracy of this release.
CONTACT: CARLISLE GOLDFIELDS LIMITED 2702 - 401 BAY STREET TORONTO, ONTARIO, CANADA email@example.com www.carlislegold.com Nicholas Konkin Investor Relations 416-642-0869 ext. 353 or firstname.lastname@example.orgSource:Carlisle Goldfields Limited